Iraq looking to Finance $3bn Upgrade to Power Grid

Iraq’s Minister for Electricity has said Iraq is looking to finance a $3 billion upgrade of its power transmission and distribution network.

The National quotes Minister Luay Al Khateeb as saying:

“We do have a fast track plan for $3 billion to upgrade the distribution and transmission of which $2bn is for the transmission and $1bn for the distribution.

“These are required immediately to make the national grid capable of delivering 20 hours of electricity across Iraq but this is all subject to the approval of the council of representatives for budget.

“I’m open to credit lines for financial support to finance these projects, even these require approval of council of ministers when it comes to planning for the budgets and government loans.”